IANS | 15 Jun, 2023
India's exports fell 10.3 per cent year-on-year basis to $34.98 billion
in May this year, according to commerce ministry data released on
Thursday.
Imports also slid 6.6 per cent to $57.1 billion against $61.13 billion during the corresponding period of last year.
As a result, the trade deficit rose to a five-month high of $22.1 billion.
India has been consistently witnessing trade deficit for many years now.
It occurs mainly due to high demand for crude oil, gold and electronic goods, which form a main chunk of India's import basket.
Also
the country's domestic manufacturing sector has failed to compete
globally, which has led to a growing dependence on imported goods.
Commerce secretary Sunil Barthwal said that headwinds still continue on the global trade front.
He
further informed that an exports strategy focussing on 40 countries is
being worked upon by both the departments of commerce and promotion for
industry and internal trade.
